Traders working on the floor of the New York Stock Exchange on Thursday. The Dow rallied over 500 points. – AFPpicWall Street’s three main stock indices rallied nearly 2% on Thursday on hopes that the US Federal Reserve has reached the end of its interest rate increasing campaign and a batch of upbeat quarterly financial updates added to the bullish mood.
The small-cap Russell 2000 index finished up 2.7% for its biggest one-day percentage gain since June 6. The comments, viewed as hints that the central bank is done with its rate hikes, sent longer-dated US Treasury yields tumbling, which supported stocks. After stocks tumbled in October, “the set-up was well primed for a bit of a relief rally”, said Emily Leveille, portfolio manager at Thornburg Investment Management in Santa Fe, New Mexico.
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